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Singapore Budget 2019: S$200m for Bicentennial Community Fund, S$1.1b for Bicentennial Bonus
SINGAPORE will set aside S$200 million for a Bicentennial Community Fund, and introduce a S$1.1 billion Bicentennial Bonus, in the spirit of giving back to society as the Lion City commemorates the Singapore Bicentennial.
Finance Minister Heng Swee Keat said in Parliament on Monday donations to institutions of a Public Charterer (IPCs) qualify for a 250 per cent tax deduction. Businesses also enjoy a 250 per cent tax deduction on qualifying expenditure when their employees volunteer or provide services to IPCs, under the Business and IPC Parternship Scheme.
The new Bicentennial Community Fund will provide dollar-for-dollar matching for donations made to IPCs in FY2019.
With the Bicentennial Bonus, more help with daily living expenses will be provided to lower income Singaporeans. Up to S$300 through a GST-Voucher - Cash (Bicentennial Payment) will be provided, benefiting 1.4 million Singaporeans.
In addition, lower income workers who received Workfare Income Supplement (WIS) payments will get a Workfare Bicentennial Bonus. They will get an additional 10 per cent of their WIS payment for work done in 2018, with a minimum payment of S$100. This will be given in cash.
For all of our Singapore Budget 2019 coverage, news, analysis, and infographics visit bt.sg/budget19